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Daewoo Shipbuilding bags US$380 mln order for 3 ships

All Headlines 16:21 December 09, 2019

SEOUL, Dec. 8 (Yonhap) -- Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder in South Korea, said Monday it has secured a US$380 million order from Greece's Angelicoussis Shipping Group to build three vessels.

Under the deal, Daewoo Shipbuilding will build a liquefied natural gas (LNG) carrier for Maran Gas Maritime Inc. and two very large crude carriers (VLCCs) for Maran Tankers Management Inc.

Both Maran Gas Maritime and Maran Tankers Management are affiliates of Angelicoussis Shipping Group.

Daewoo Shipbuilding said the LNG carrier with a capacity of 174,000 cubic meters will be delivered by the first quarter of 2022. Two 318,000-ton VLCCs will be delivered from the third quarter of 2021, the company added.

Angelicoussis Shipping Group is one of the biggest customers of Daewoo Shipbuilding, having placed orders for 110 vessels in total since 1994. For this year, 70 percent of LNG carrier orders secured by Daewoo Shipbuilding are from Angelicoussis Shipping Group.

With the latest deal, Daewoo Shipbuilding has won orders worth $5.7 billion for 30 vessels so far this year, achieving 69 percent of its annual target of $8.3 billion.

This undated image provided by Daewoo Shipbuilding & Marine Engineering Co. shows an LNG carrier built by the company. (PHOTO NOT FOR SALE) (Yonhap)

kdon@yna.co.kr
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